INTEREST RATE SWAP Definition

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INTEREST RATE SWAP (IRS) is a contractual arrangement between two counter-parties who agree to exchange interest payments on a defined principal amount for a fixed period of time.

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PAYMENT ON ACCOUNT see ON ACCOUNT.

NONCOMPETITIVE BID, in securities, is a bid allowed to be placed on a noncompetitive basis by the U.S. Treasury at one of its securities auctions. A bidder in this case does not specify the price at which it wishes to purchase these securities. However, at the close of bidding, it is awarded all or part of the number of bonds it asked for at the average price of all the accepted competitive bids.

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